US consumer prices dip 0.1 percent in May

On a monthly basis, inflation rose 0.3% last month, compared with a 0.5% increase recorded in the previous month and with forecast for a 0.2% increase.

Americans cut spending at petrol stations, department stores and electronics shops in May as retail sales registered their biggest drop in 16 months, a cautionary sign for the economy.

The consumer food price index (CFPI) moved into deflation as prices in May fell by (-) 1.05 percent, as compared with a rise of 7.45 percent in the corresponding month of 2016, pulled down by lower prices of pulses, cereals and perishable goods. Further rate hikes are likely to depend on the outlook for inflation and economic growth.

However, Fed officials have said they believe the recent slowdown in price gains reflected transitory factors and they expect inflation will resume moving toward 2 percent as low unemployment helps to boost wages.

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While the U.S. central bank is expected to raise interest rates by 25 basis points on Wednesday, the second hike this year, the weakness in inflation and retail sales, if sustained, could put further monetary tightening in jeopardy.

The cost of games, toys and hobbies shot up 2.7%, thanks in part to a jump in computer game prices - though the ONS stressed that these are often dependent on bestseller charts and can fluctuate from month to month.

American consumers forked out $473.8 billion in the month, 3.8 percent above May of past year.

As for the index of industrial production (IIP), growth in April was lower than 6.5 percent in the same month past year.

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Inflation in the United Kingdom economy has been driven higher by the drop in the value of the pound following the European Union referendum in June a year ago.

United States retail sales in May recorded their biggest drop in 16 months and consumer prices unexpectedly fell, suggesting a softening in domestic demand that could limit the Federal Reserve's ability to continue raising interest rates this year. The Fed said on Wednesday it expected annual inflation rates to "remain somewhat" below 2 percent in the near term but stabilize around the central bank's target over the medium term.

It will also be welcome news to Bank of England, which tries to keep inflation close to 2 percent.

The cost of food, however, increased for the fifth straight month. The reason was poor showing by manufacturing, mining and power sectors coupled with contraction in capital goods (-1.3 percent) and consumer durables (-6 percent).

Stephen Clarke, economics analyst at the Resolution Foundation, said: "The sharp contrast between our bad record on pay and strong jobs performance shows that the currency-driven inflation we are experiencing is not feeding through into wage pressures and is simply making us all poorer instead". "This doesn't bode well for economic growth - the United Kingdom economy is heavily reliant on the consumer and falling real incomes will eventually translate into lower retail sales". Food prices climbed 0.2% last month, and were up 0.9% from a year earlier.

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Thune said the work is now in the hands of the Senate Intelligence Committee and they will follow the facts to resolve this issue. Sessions is under scrutiny for his contacts with Russia's ambassador to the USA during the presidential campaign.

In addition to Barth, two law enforcement officers, one Congressional representative, and the shooter were the only ones injured. Jeff Flake , R-Ariz., removed his belt, which Williams used as a tourniquet to stanch the bleeding from Barth's leg wound.

Rosenstein, who has been on the job for six weeks, said only he could fire Mueller, and only if he found good cause to do so. When Harris asked if he had consulted those documents before his appearance, Sessions said he had consulted with staff.

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In addition, US crude stockpiles fell by 1.7 million barrels, less than the expected decline of 2.7 million barrels. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 160.94 points, or 1.05 per cent, to 15,218.61.

Interior Secretary Ryan Zinke is recommending that the boundaries of the Bears Ears National Monument in Utah be shrunk. The review is likely to add fuel to a heated national debate over Washington's role in America's wildest spaces.

Three U.S. soldiers were killed and another was wounded in eastern Afghanistan this weekend in an attack claimed by the Taliban. As a candidate, Trump deplored the waste of America's wars and suggested he would try to end them.

The Washington Post reported Tuesday that Coats told associates Trump asked him to intervene with Comey in March. Rogers called the conversations "classified" and said it was inappropriate to discuss them "in an open forum".

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